Showing posts with label Hoover. Show all posts
Showing posts with label Hoover. Show all posts

Friday, September 19, 2008

Will Bush follow FDR's bad legacy?

It wasn't the crash of 1929 that put this country into a 10 year Depression, it was the government policies that followed trying to correct from above. First Hoover, then Roosevelt. FDR cleaned up his legacy with WWII, but he drastically extended the Depression which preceded those years and set the ground work for a huge federal bureaucracy.
    In 1933 there was a moment when the U.S. really did seem poised for recovery -- the moment of Franklin Roosevelt's inauguration. Confronting the banking crisis, President Roosevelt did what President Bush, Congress and the Treasury are likely to do in coming days: create a mechanism to sort out banks and their holdings, to separate good assets from bad. Story here at WSJ
I hope somebody in Washington has read American history. We know the direction Obama will take--any route that takes freedom away from the American people, especially people who have investments and personal assets who aren't dependent on the dole. But what about McCain? He's speaking out, but he was in Congress too. Obama was only "present," a newcomer who was basically a cut-out observer who has been running for president most of his term, but McCain actually was there. What's his record on Fannie and Fred and the Fed?